Energy
From The Report: Trinidad & Tobago 2020
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Hydrocarbons have long been the primary driver of Trinidad and Tobago’s economy. Indeed, T&T is the largest oil and gas producing country in the Caribbean, with the energy sector contributing around 45% to GDP, according to the Ministry of Energy and Energy Industries. The new oil and gas discoveries made in 2019, along with new investment pledges by major international operators in the country’s upstream sector, appear set to support a short-term recovery in the energy sector. Furthermore, the country’s scheduled deepwater auction in 2020 is expected to attract investment. Nevertheless, faced with an increasingly competitive international market for its energy commodities, more will need to be done to ensure the continued recovery of the sector. This chapter contains interviews with Claire Fitzpatrick, Regional President, BP Trinidad and Tobago; and Mark Loquan, President, National Gas Company of Trinidad and Tobago.

Articles from this Chapter

Overview

Firing up: New oil and gas discoveries and increased investment support recovery of the hydrocarbons industry
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Hydrocarbons have long been the primary driver of Trinidad and Tobago’s economy. Indeed, T&T is the largest oil and gas producing country in the Caribbean, with the energy sector contributing around 45% to GDP, according to the Ministry of Energy and Energy Industries (MEEI). In addition, the country has a developed upstream petrochemicals industry and is a major exporter of liquefied natural gas (LNG), in addition to ammonia and methanol. While the sector has faced economic headwinds in the…

Analysis

Green shoots: Efforts are under way to attract international investment to support the transition to renewable energy
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With an energy system entirely dependent on natural gas, the transition to cleaner energy generation has emerged as a pressing priority in Trinidad and Tobago. Indeed, per capita carbon emissions from energy-related activities in T&T are nearly 2.5 times greater than the world average, according to the Inter-American Development Bank. In June 2019 the government reaffirmed its commitment to generating 10% of its electricity from renewable sources by 2021, although it did not specify what energy…

Interview

Strategic redirection: Claire Fitzpatrick, Regional President, BP Trinidad and Tobago, on exporting energy and renewable targets
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Interview:Claire Fitzpatrick What is the mid-term outlook for T&T’s upstream and downstream sectors following the closure of the Petrotrin refinery? CLAIRE FITZPATRICK: The restructuring of any state-owned entity is not an easy decision to make, and I recognise that it was very challenging. It was an action aimed at creating organisations that can compete and be profitable for the country. What we have learned from other parts of the world where BP operates is that there are challenges…

Analysis

Know the drill: New hydrocarbons discoveries boosts market activity, while opportunities emerge for the energy services segment
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A number of recent oil and gas discoveries in Trinidad and Tobago bode well for the energy industry over the medium term, with the country well positioned to attract further investment from international operators. This comes at a time when energy multinationals are increasingly turning their interests to the Caribbean region, buoyed by an uptick in similar discoveries in neighbouring Guyana and Suriname. Nevertheless, more remains to be done to attract international investment, particularly in…

Interview

Building capacity: Mark Loquan, President, National Gas Company (NGC) of Trinidad and Tobago, on regional integration and renewables
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Interview:Mark Loquan To what extent did the sector develop in 2019, and what direction will it take in 2020? MARK LOQUAN: In 2019 there were improvements in gas production and related petrochemicals exports, but commodity prices declined. Free-on-board Caribbean prices for ammonia stood at $211 per tonne, down 24% from the 2018 average, while US spot methanol prices stood at $297 per tonne, also down 25% from 2018. Though domestic gas production in 2019 remained relatively unchanged from…

Analysis

New beginnings: Early indicators appear positive for restructured state oil firm
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In December 2018 Petrotrin – Trinidad and Tobago’s state-owned oil and gas company – completed a major restructuring drive, aimed at streamlining the company’s operations and cutting costs. While the move resulted in major job losses and faced opposition, it was seen as essential, both in order for the company to regain profitability and for the country to successfully revamp its hydrocarbons industry. Petrotrin had faced mounting challenges as a result of its heavy debt burden, a shortage…

Overview

Cheaper and greener: As costs decline, renewable sources are seeing an inexorable rise, particularly among developing economies – Trinidad & Tobago 2020
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Although the world remains largely dependent upon fossil fuels for power generation, a gradual transition towards renewable sources has been taking place since the 1990s, underpinned by multilateral deals such as the Kyoto Protocol, the Doha Amendment and, more recently, the Paris Agreement. Investment and development in renewable technologies has historically been led by developed countries, however, in recent years the renewable energy industry has expanded in emerging markets. In 2018 these markets accounted for nearly 70% of new global investment in renewables. Taking the Lead Emerging markets exceeded developed economies in terms of onshore…